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Why Is Contingency Insurance Now More Important Than Ever

Posted September 09, 2020 in Contingency Insurance

3 Minute Read: 

If the past few months have proven anything, it is that it is difficult to prepare for and guarantee anything. Many companies and organizations have had events that have been canceled, moved or disrupted in some sense due to COVID regulations. 

Man in a business suit holding a sign saying, 'Are You Covered.' Insurance concept

Contingency insurance can help companies move through these situations and help them be prepared for last-minute changes and cancellations to their events.

What Is Contingency Insurance?

Contingency insurance is an insurance policy that protects scheduled events.

The outbreak of the coronavirus pandemic and the increase in the number of unique tragedies have made contingency insurance more important than ever. Here’s how contingency insurance can help you.

For more information about contingency insurance, contact Gallant Risk & Insurance Services, Inc., at (951)368-0700. Alternatively, you can reach us via our website.

How Can Contingency Insurance Help With Event Cancellation?

Many companies rely on yearly events to grow and sustain their businesses. Often, these events involve significant planning and the participation of organizers and attendees. 

Unfortunately, due to current circumstances, physical events with guests are simply not possible. COVID restrictions have prohibited such gatherings, limiting the number of guests allowed and making sure that social distancing is practiced. 

For companies that have planned large events to promote their businesses, this cancellation or needed adjustment leads to a significant problem that is not covered under usual insurance programs. 

Luckily, this is where contingency insurance comes in. Contingency insurance covers your company in case of cancellation, delay or disruption. 

Having to cancel an event designed to bring in additional business is already difficult enough. Contingency insurance helps to ensure that you don’t also have to deal with the financial losses from that event. 

What Can Contingency Insurance Provide in Non-COVID Times?

While contingency insurance is seeing a surge due to recent events, this type of insurance is also vital in non-pandemic times. 

Why Is Prize Indemnity Insurance Important?

Prize indemnity insurance is for a promotion in which participants are offered the chance to win prizes. Unlike other insurances that cover you from things going wrong, prize indemnity insurance covers you when people win attractive prizes such as cars, vacations or large cash payouts.

The insurance targets athletic organizers, event organizers, integrated marketing agencies, nonprofit organizations, retailers and promoters.

Why Is Weather Insurance Important?

Weather insurance is a type of protection against a financial loss caused by adverse weather conditions. This insurance is designed to create stable cash flows when your business gets affected by snow, lightning, fog, hurricanes, tornadoes and other adverse weather. Weather insurance is typically purchased by organizers of events to provide reimbursement for lost revenues.

Why Is Sporting Events Insurance Important?

Sports insurance offers financial coverage for damages caused by or during a sporting event. The liability coverage protects against claims of bodily injury and property damage.

The policy should cover the sports organization and its directors. 

Why Is Non-Appearance Insurance Important?

Non-appearance insurance offers protection against loss of revenue or expenses following the death, accident, illness or travel delay of a key speaker or performer. These include entertainers, dignitaries, performers, artists and public speakers.

The insured party can receive coverage for their expenses or projected profit. However, coverage is provided for a limited period.

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